Three CUs Among 2013 NACA Fund Applicants

May 9, 2013

WASHINGTON (5/10/13)--Three credit unions are among the 65 firms that have requested funding through the 2013 round of the Community Development Financial Institutions (CDFI) Fund's Native American Assistance CDFI Program (NACA) awards.

The credit unions have requested a combined $1.33 million in funds. Altogether, the 65 NACA applicants have requested $26.9 million in total funds. The amount requested is more than double the amount made available this year, and is an increase from the $23 million requested during 2012, the CDFI Fund said in a release. Funding applicants hail from 21 states and the District of Columbia.

"Native CDFIs are active partners in the economic growth of their communities, and the NACA Program continues to serve as vital support for these essential organizations as they work in the some of the most distressed areas in the country," CDFI Fund Director Donna Gambrell said.

NACA applications are being reviewed, and awards are expected to be announced this fall, the CDFI Fund said.

The NACA Program is designed to encourage the creation and strengthening of certified CDFIs that primarily serve Native American, Alaskan Native and Native Hawaiian communities. NACA funds may be used to finance capital or may be provided to financial institutions in the form of technical assistance grants.

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